Copper surges 0.4% on strong global cues

Buoyed by a rebound in overseas markets and a pick-up in spot demand, copper futures today recovered by 0.42% to Rs 432.20 per kg.

At the Multi Commodity Exchange, April copper rose by Rs 1.80, or 0.42%, to Rs 432.20 per kg, with a turnover of 2,865 lots.

The June metal was up by Rs 1.75, or 0.41%, at Rs 437 per kg, with a trade volume of 191 lots.

Globally, copper for three-month delivery jumped up by 1% to $8,512 a tonne on the London Metal Exchange (LME).

Market analysts attributed the rise in copper in futures trade to a firming trend on the LME after a report showed US housing starts in February hovered near a three-year high, bolstering the demand outlook for metals.